Bank of England held Bank Rate at 3.75% as expected. Six MPC members, including Governor Bailey, voted to keep rates unchanged and the committee’s stance was unchanged from July. Bailey said the global energy shock has so far had limited effects on UK prices and wages but warned that if the Middle East conflict intensifies and raises inflationary pressure, further rate rises may be needed. The Bank also abandoned plans to sell long-dated gilts and said it will complete the run-off of its £488bn

Bank of England held Bank Rate at 3.75% as expected. Six MPC members, including Governor Bailey, voted to keep rates unchanged and the committee’s stance was unchanged from July. Bailey said the global energy shock has so far had limited effects on UK prices and wages but warned that if the Middle East conflict intensifies and raises inflationary pressure, further rate rises may be needed. The Bank also abandoned plans to sell long-dated gilts and said it will complete the run-off of its £488bn bond portfolio by September 2034.